Japan Airlines says back in profit after two annual losses

TOKYO: Japan Airlines Corp. said Friday that it had returned to profit in the year to March after two straight annual losses, but forecast a 23 percent drop in earnings this year amid high fuel costs.

Asia's largest carrier posted a net profit of 16.9 billion yen (163 million dollars), compared with a net loss of 16.2 billion yen the previous year.

The airline has moved to restore its financial health by slashing thousands of jobs and scrapping unprofitable routes.

Earnings were slightly higher than the carrier's own forecast earlier this month for a net profit of about 16 billion yen.

For the current financial year to next March, JAL forecast a net profit of 13 billion yen.